Converge Technology Solutions (TSE:CTS) PT Lowered to C$6.00 at Canaccord Genuity Group

Converge Technology Solutions (TSE:CTS) had its price target reduced by Canaccord Genuity Group from C$6.25 to C$6.00 in a research report report published on Friday, BayStreet.CA reports.

Several other analysts have also recently weighed in on the company. National Bankshares cut Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from C$6.00 to C$4.50 in a report on Friday. CIBC dropped their price target on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research note on Friday. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price objective for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Cormark lowered their target price on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. Finally, Raymond James cut their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Stock Down 5.6 %

TSE CTS opened at C$3.19 on Friday. The stock’s 50 day simple moving average is C$4.45 and its 200 day simple moving average is C$4.65. Converge Technology Solutions has a one year low of C$2.60 and a one year high of C$6.06. The firm has a market cap of C$622.69 million, a PE ratio of -3.99, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68.

Converge Technology Solutions (TSE:CTS) last announced its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.07. The company had revenue of C$651.85 million during the quarter, compared to analyst estimates of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. As a group, sell-side analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, September 10th were issued a $0.015 dividend. This represents a $0.06 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -7.50%.

Insider Transactions at Converge Technology Solutions

In related news, Senior Officer Greg Berard acquired 10,105 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of C$4.42 per share, with a total value of C$44,684.31. 5.97% of the stock is owned by insiders.

About Converge Technology Solutions

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.